According to feedback from cotton trading companies in Qingdao, Zhangjiagang and other places, Indian cotton has continued to be in a state of high shipments, high arrivals, high warehousing but low shipments since October and November. The transactions of cargo, bonded and customs cleared cotton have been significantly weaker than American cotton, Brazilian cotton.
Judging from the quotations of several foreign companies and large cotton companies, the quantity of Indian cotton (mainly cotton resources rotated out by CCI) to China’s main ports in the past two months has not only remained stable but strong, but also the cotton grade, quality, etc. The indicators should also be significantly stronger than the same period in 2018/19 and 2019/20, and the year-on-year growth rate of both US dollar quotations and RMB quotations is outstanding.
According to customs statistics, the price of Indian cotton imported by China in October increased by 45.63% month-on-month and 145.14% year-on-year; while the month-on-month growth rate of imported US cotton and Brazilian cotton prices in October was 3.01% and -5.77%, respectively, and the year-on-year growth rate was 47.98%. %, 22.74%. The rise in Indian cotton prices has pushed competitors US cotton and Brazilian cotton out of the way.
However, it is worth noting that the amount of Indian cotton imported by China plummeted in October to less than 1,000 tons, accounting for only 1.48% of the total foreign cotton imports that month, falling to a new low in the past three years; while the imports of US cotton and Brazilian cotton reached 28,000 tons respectively. tons, 16,000 tons, accounting for 44.12% and 25.14% of China’s total cotton imports that month. Indian cotton prices continued to rise sharply in October and November and finally reaped the consequences.
Cotton spinning companies in Jiangsu, Henan and other places stated that Indian cotton currently accounts for more than 45% of the cotton inventory in Zhangjiagang Free Trade Zone, which is close to the sum of US cotton + Brazilian cotton. Although the index is mainly M 1-5/32 and above, it can be spun The sex and consistency are good, but due to the high proportion of CCI resources, and the ICE cotton futures December contract breaking 120 cents/pound in the past two days, the price of bonded Indian cotton is “extremely high”, and inquiries and delivery There are relatively few textile companies and middlemen.
On November 24-25, the spot M 1-5/32 Indian cotton quotation at Qingdao Port was 120-122 cents/pound, while the Indian CCI (BCI) M 1-5/32 (strong 29GPT) quotation reached 124-125.5 US cotton is quoted at 129-130 cents/lb for January/March shipment date 31-3/31-4 36/37. The price difference between the two is 4-5 cents/lb, but US cotton is 2021 /22 new cotton.
</p
